the sp rocket., page-8

MX,
You have been quite persistent in this area, and BHP has indicated more than once that copper expansion is expensive.

I am coming around to your thinking, but I would suggest a different game play.

BHP likes Tier 1 assets. P HIll is close to Tier 1, but not quite there. P Hill does not yet have a proven 20 or 30 year mine life at low C1 cash cost. The money that TB is spending on exploration could be a game changer.

Suppose OZL does find another P Hill close by with a mine life of 10 years. Combine that with moving resources to reserves at the current mine and you have a well defined 20 year cash cow that will then be on the Tier 1 radar. I think that when all the hard word work is done, OZL will come oint BHP's radar.

Rememebr the Tier 1 defn

1. Low cash cost - tick for OZL 47c is in the lower half of the lowest quartile
2. Expandable - tick for OZL - already being shown
3. Low soverign risk - tick (although Labor is a nightmare)
4. Long life - 10 years is not considered long life. min 20 years is - cross for OZL for now
5. Better than average grades - tick for OZL

HT1